04/20/2012

Reflective Report: The Role of Internal Audit Function in Corporate Governance

Reflective Report: The Role of Internal Audit Function in Corporate Governance

Reflection

Upon knowing that the topic to be discussed and critically evaluated
was about the role of the
internal audit function in the corporate governance, I was very excited
because I want to learn and explore more about how internal audit can facilitate
or obstruct the most important aspect in business,
corporate governance.

In order to discuss the said topic, the author first focuses on the
different background information that are related with the internal audit
process and function. This includes definition of the term and its functions.
However, upon analyzing this information, the author found out that there was a
massive change in the role of
internal audit inside organization or business. This includes factors that
are related with the functional focus, audit skills set and the exposure and
identification. Upon this, I have been able to understand more about the
important influence of internal audit in organization. Furthermore, changes in
the roles and functions of internal audit can be considered as results of the
different changes in the environment, including changes in rules and
regulations, and policies and
standards set by the authorities. These changes resulted to the new
definition of audit function which was declared by the IIA. Upon analyzing this
aspect of the issue, I have found out that it had created a
massive change on how the overall audit process is to be implemented, thus
it affect the roles of the internal audits. With this, I had a hard time
configuring if the said change had been an advantage or the other way around,
because there are different perspectives from different sides.

In analyzing the impact of roles and functions of internal audit, I
had a hard time, constructing the outline of that part. This is because of the
fact that, the topic about internal audit and corporate governance are issues
that tackled by researchers and authors in light manner. Meaning, these two
factors are just considered as subtopic in other researches. In
simple words, there are limited number of resources, such as books,
journals, articles and thesis which report, evaluate and analyze this topic in
specific or in detailed manner. Because of this, there are some parts of the
critical analysis, where in the issue or the topic was not explained in
thorough and in-depth manner. One of the most memorable parts in writing the
discussion and evaluation of the paper is the recommendation part. This is
because, it enables me to apply both the theory and my personal opinions,
knowledge and
experiences regarding on the different actions and strategies that can be
applied in order to ensure good relationship between the internal audit and
corporate governance. This enables me to apply my perceptions and impressions,
together with the questions that I have been asking in my mind, in the entire
duration of studying the topic.

Overall, the topic of the paper, which is about the role of internal
audit function in corporate governance, enables me to learn more about the
importance of internal audit in organization, at the same time, how important
corporate governance is.

Personal Development Plan

After completing the project about the role of internal audit in
corporate governance, I have been able to realize my strengths and weaknesses as
a researcher. With this, I will be able to focus on improving my
weaknesses in order to improve in the future, at the same time, focus on
developing my strengths for my advantage.

My primary strength will be my inquisitiveness. I have a desire to
learn more, thus I am always thirsty to learn and acquire further knowledge.
With this, I believe, it can help me in my future research works, because doing
research papers enables me to learn more about the world. With this, it enables
me to give the interest and energy in order to learn about the basic knowledge
that are related with the subject. Furthermore, I also believe that I have
already improved in terms or expressing myself, including my opinions and
perspectives in writing the paper. Above all, I also believe that one of my
advantage focuses on researching or the process of gathering of possible
resources such as journals, books and articles which can help me in order to
finish writing. This is very important skill because it enables me to acquire
information and data which I can connect with my point of view.

However, I believe that there are still lots of room for
improvement. There are many skills and capabilities that I must learn in order
to improve the quality of research paper that I produce.

First, I believe that I must focus more on my planning activities
and capabilities. This pertains on the process of organizing the different
resources and activities to be done in order to complete an assignment.
Furthermore, it will also help me to ensure meeting the deadlines. In addition,
it is also important for me to improve my giving importance to details. This
will help me to improve my understanding ability. Above all, it is also
important to focus on the development of technologies, including office and
graphic application in order to improve the quality of paper presentation.

Weaknesses

Activities Employed to Develop Skills

Resource Implications

Method Use to Monitor Progress

Target Date

Planning
activities and capabilities

·read
textbooks which shows guidelines in writing and researching

·actual
application

Online books and
articles

Diary

August/2010

Giving importance
to details

·read
textbooks about writing and researching

·actual
application

·
reading books about desired topic and writing down
understanding/reporting